Does anyone know why ACHN was up 42% on Wednesday?
It closed up another 19% today at $2.38 so I am happy she's finally moving upward. My average cost in the stock is about $1.71/share. I initially bought a small number of shares just under $6 back in 2007 after the failure with the first HCV NS4A antagonist. I then loaded up on the stock in December 08 and January 09 at prices below $1 dollar and just slightly above. It's nice to finally be in positive territory.
As to your question, there has been no specific news so my best guess is just to attribute the upward move to a general rebound in the markets and investors having more of an appetite for small and micro-cap biotechs. Several other tiny biotech stocks have jumped the last day or two in price on no news.
I'd like to tell you that the strong upward move in price is due to someone having seen impressive early results for ACH-1625 in the ongoing Phase I HCV trial, but I realize that is likely not grounded in reality. ; )
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